F&I provider LGM Financial Services found that their active use of artificial intelligence (AI) and rules-based solutions led to a better claims experience for their dealer customers.
AI acted as a key driver in creating more efficiencies during the process that benefit both dealers and consumers, while also providing LGM with more time to focus on innovating other areas of the consumer experience.
“Consumer expectations have changed in terms of service delivery, even more so during the pandemic, from a claims resolution perspective,” said Gad Campbell, Executive Vice President of Service. “Technologies such as AI and machine learning have afforded us the ability to evolve along with these changing demands.”
The company found that, with the integration of AI and other automated solutions, service improvements were made in the following areas:
- Faster decisions: LGM’s use of AI in the claims process means dealers now receive decisions faster, with more than 80 per cent receiving a decision in less than 10 minutes;
- 24/7 availability: dealers can submit claims and receive decisions outside of the company’s normal business hours—including on weekends;
- Consistency: AI integration allows for consistent claims adjudication, providing LGM’s dealer network with a more predictable claims experience; and
- Complex claims resolution: LGM said AI improves and speeds up the claims process, so its technical claims experts have more time to focus on more complex issues.
“AI is just one of the ways LGM is enhancing their offering to further cement their position as one of Canada’s leading F&I providers,” said the company in a news release.
